Philippine BPO eyes 7% revenue growth by 2024
MANILA, PHILIPPINES — The Philippine business process outsourcing (BPO) industry is expecting a 7% revenue increase to $37.87 billion in 2024, according to the Information Technology-Business Process Management Association of the Philippines (IBPAP).
IBPAP President Jack Madrid highlighted the sector’s massive contribution to job creation, with employment reaching 1.7 million in 2023 and an additional 1.1 million jobs targeted by 2028.
“November and December are high growth months. Because of the Christmas season, people hire more. We already hit 300,000 of our 1.1 million target, so it’ll be 800,000 [employees] more,” Madrid said.
The United States preference for the Philippines as a prime destination for high-quality IT-BPM services and talent source for North American firms is fueling this growth.
Government policies enabling remote and hybrid work have also attracted foreign investors, further propelling the industry’s expansion.
Although contact centers dominate with a 60% revenue share, IBPAP is addressing the demand for new hires. The recent launch of the Philippine IT-BPM Roadmap 2028, which aims to create 2.5 million jobs and $59 billion in revenue by 2028, outlines the industry’s commitment to continued growth.
According to Madrid, robust expansion is not confined to cities, with Cebu, Davao, Iloilo, Clark, and Cagayan de Oro also emerging as favored destinations. This distributed development across the country will help maintain the positive trajectory in coming years.
